TomoChain (TOMO): Encouraging Adoption of Web3 Applications

For those who want to build high-performance projects, finding a scalable public blockchain with the features, low transaction fees and security that you require is essential. At the same, the user-friendliness of the interface and functionality of web3 applications are equally important for developers of applications and games. While there are many public blockchains available, TomoChain stands apart as a community-driven network with well-designed features.

Key Takeaways:

• TomoChain is a secure, scalable public blockchain that supports a full range of well-designed products for web3 app and game development. Its products support speedy direct interactions between node owners and users, privacy and other key points.
• TomoChain’s features include staking on TomoMaster, TomoWallet, TomoMasterDAO and TomoBridge.
• Looking to trade TomoChain tokens? Bybit offers the TOMOUSDT Perpetual Contracts for trading.

What Is TomoChain?

The TomoChain network is a community-driven platform that’s been evolving to promote greater adoption of web3 technologies and products since its launch in 2018. Developers are invited to build applications and games directly on this public blockchain. The platform is Ethereum virtual machine (EVM) compatible, and its proof of stake (PoS) consensus is optimized for speed and scalability. TomoChain offers staking, a multichain AMM, bridging to other blockchains, rewards mechanics and additional well-designed features to enhance its utility. Additionally, users don’t need to pay transaction fees to take advantage of its features. 

History of TomoChain

TomoChain launched in 2018 with extensive development by TomoChain Labs. The parent company, TomoChain Pte Ltd. was established in 2017 by Tung Hoang, Son Nguyen, Le Ho and Long Vuong. At the time of TomoChain’s ICO in early 2018, $8.5 million was raised, and the project’s mainnet launched before the end of 2018. 

TomoChain continues developing today, but many of its features are already online for others to use, including staking, developer tools, TomoWallet, TomoMasterDAO and TomoBridge. 

What Does TomoChain Aim to Achieve?

When TomoChain launched, its purpose was to hasten the adoption of web3 applications via its core features, enhanced security and low transaction fees, all of which reduce friction associated with other blockchains and encourage more users to participate. 

For example, its platform maintains decentralization while operating with no transaction fees and an ultra-fast processing time. Developers don’t pay transaction fees, and can build with an extensive range of advanced developer tools and smart contracts. TomoChain strives to be a public blockchain that’s compatible with the EVM. It stands out as a superior alternative to Bitcoin, Ethereum and other major networks, with advantages in fork generation, efficient throughput and fast confirmation times.

How Does TomoChain Work?

TomoChain has an easy-to-use interface and offers the utility today’s users need. The developer interface supports simplified product creation, while also focusing on security, low transaction fees and speed. Via the TomoWallet, users can secure the network with staking. 

Proof of stake voting also supports the continued development of the network. Specifically, token holders can vote for a Masternode by staking at least 100 TOMO tokens to a smart contract associated with that candidate. Additionally, tokens stored in a TomoWallet can be used on other blockchains via the network’s TomoBridge, enabling users to easily take advantage of the features of other blockchains.

Features of TomoChain

Each of the key features of TomoChain has been specifically designed to enhance the user experience and to encourage the wider adoption of web3 applications. 

Staking

Staking is available on TomoChain via TomoMaster, and yields TOMO tokens as rewards. Users who stake their TOMO tokens can participate in community governance through PoS voting. Staking takes place on 150 Masternodes. In order to be a Masternode candidate, token holders must first deposit 50,000 TOMO. Token holders vote for candidates, and successful candidates can receive incentives for creating and finalizing blocks. Voting for new candidates takes place every 900 epochs.

TomoWallet

The mobile wallet of TomoChain is the TomoWallet. It’s used primarily to store a user’s TOMO tokens, and also supports the voting function. Users can interact with linked DApps, vote for Masternode Candidates and track related rewards through their individual TomoWallet. New users can easily create a TomoWallet and take advantage of the functionality it offers, or import an established wallet. TomoWallet’s two unique features are the backup key and the private key. 

TomoMasterDAO

Community governance on TomoChain takes place on the TomoMasterDAO platform. Specifically, it features an open forum that enables users to learn about and discuss proposals. Through this platform, users can solicit funding for a project and vote on proposals. 

The voting system utilizes the platform’s governance token. A rewards system encourages voting by users, who can even monitor the projects they favor on the platform’s dashboard. The DAO’s PoS voting mechanism, or PoSV, supports efficient checkpoints, fast processing times, enhanced security and double validation.

TomoBridge

TomoChain connects to other blockchains via the TomoBridge, which allows users to migrate their TOMO tokens to other blockchains, as well as allowing tokens on other blockchains to migrate to TomoChain. This way, TomoChain users can easily take advantage of features and functions available on other blockchains. 

TomoChain Road Map

Shortly after TomoChain Pte Ltd. was established in 2017, the blockchain’s development got underway. The ICO in March 2018 produced $8.5 million in funds for the project’s development. In August 2018, the TomoChain mainnet launched on the Ethereum blockchain. TOMO has been listed on various crypto exchanges over the years, and the developers at TomoChain are actively working on improvements for the project. 

TOMO Tokenomics

TOMO is the native token of TomoChain. It’s used to support the growth and security of the network through a voting mechanism. Specifically, when users vote for Masternode candidates, the winners through voting receive building rights. 

In addition, TOMO is used to reward voters and Masternode Candidates. Through TomoBridge, users can also take advantage of cross-chain transfers. 

There’s a maximum supply of 100 million TOMO tokens, with almost 97 million in circulation. The tokens were initially distributed according to the following allocation:

• Governance Treasury: 50%
• TomoMasterDAO Team: 21%
• Airdrop: 12%
• Public Sale (IDO): 4%
• Liquidity Pair Creation: 4%
• Initial Farming Rewards: 4%
• Active Voters: 3%
• Future Farming Rewards: 2%

TOMO Price History

TOMO launched on Mar 21, 2018 at the price of $0.55. It fell to a low of $0.34 by Apr 2, 2018, before climbing to a high of $2.09 on May 4, 2018. TOMO’s price then declined, remaining within a range of $0.15–$0.50 for the rest of 2018. In 2019, TOMO experienced multiple fluctuations throughout the year, but remained between $0.40 and $0.80. 

In a breakthrough in the second half of 2020, TOMO’s price increased from $0.51 to $1.42, a high that it hasn’t seen in the past two years since its last peak. This was likely due to both the Excalibur hard fork in early May 2020 and the launch of TomoX on May 13, 2020, as well as the launch of the peer-to-peer (P2P) lending feature on Jun 6, 2020.

TOMO’s next breakthrough came in late 2020/early 2021, as its price increased from $0.48 to $3.47. This has been attributed to the various announcements of TomoChain’s partnerships with established entities — such as Poolz, the Vietnam’s Ministry of Education, Decentr, Frontier, PAID Network, Injective Protocol/Ramp DeFi, Realio Network and UpBots — as well as the Zorro Upgrade. 

Despite its decline in June 2021, TOMO’s price rose once again, this time achieving its highest price paid per token of $3.88 on Sep 6, 2021 in line with the crypto bull market at the time. It quickly dropped to $2 within the next few weeks and rose again to another peak of $3.48 before declining once more. This time, TOMO’s price didn’t recover and continued to plummet due to the crypto market crash, which was further exacerbated in May 2022 by the Terra-LUNA crash. TOMO’s price dropped even further due to the FTX debacle in November 2022.

TOMO Price Prediction 

TOMO’s price showed some recovery at the beginning of 2023, growing from $0.25 to a peak of $1.64 on May 29, 2023. Its price fluctuated over the next two months, and its current price is $1.39 as of Aug 3, 2023, which represents an increase of 2.5% over the 24-hour low price. The current market capitalization is close to $135 million. 

The 24-hour trading volume to support the TomoChain market cap is more than $11 million, and the trading volume is down 12.7% over the last day.

PricePrediction is forecasting incredible TomoChain price growth over the next several years: in 2023 its price may reach $1.87, and increase to $4.29 in 2025. TomoChain’s price is then predicted to reach $8.88 in 2027 and $30.11 in 2030. 

This positive growth is also substantiated by experts at DigitalCoinPrice, who believe that the price of TomoChain will reach $3.05 in 2030, $5.04 in 2025, $6.38 in 2027 and $14.55 in 2030.

Where to Buy TomoChain (TOMO)

TomoChain’s lofty goal of speeding up the mass adoption of web3 usage, as well as its many innovative features and mechanisms to support this goal, are likely to drive its price and market cap higher in the future. There are two ways to participate in the growth of the TomoChain network, both using TOMO tokens. With TOMO, you can sign up to be considered as a Masternode Candidate. You can also participate in the selection of these Masternode Candidates by using your tokens to vote. 

TomoChain tokens are available as Perpetual Contracts on Bybit. To get started with trading on Bybit, you’ll need to first create a Bybit account and fund it with cryptocurrency, before navigating to the TOMOUSDT Perpetual Contracts trading page.

Is TOMO a Good Investment?

TomoChain strives to help developers build high-performance applications, while also supporting the broader goal of mainstream web3 application adoption. The TOMO token can be purchased on Bybit, and can also be rewarded through staking, voting and building nodes. While TOMO can be used for voting and to become a Masternode candidate, it can also be used on different blockchains through the featured bridging function. 

However, it may be wise financially to build a supply of TOMO as well. Some expert analysts are predicting that TomoChain’s price will skyrocket in the years to come. Nonetheless, it’s important to understand the risks associated with cryptocurrency purchases. The crypto market is extremely volatile and is subject to fluctuation caused by various factors. It’s always advisable to complete your own independent research before making any purchase. 

Closing Thoughts

TomoChain is a scalable public blockchain that has no transaction fees. It offers fast processing times, interchain bridging, enhanced security and other benefits, and its design and functionality actively promote TomoChain’s stated goal of speeding up the adoption of web3 applications.

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